China Recognized Bitcoin As A Digital Currency
The Shanghai People's Court has recognized Bitcoin as a unique and non-replicable digital asset, despite the country's official ban on cryptocurrencies.
The court published a report emphasizing the uniqueness and non-replicability of Bitcoin, as well as its difference from other digital currencies. The report also stresses other important characteristics such as scarcity, ownership attributes, scalability, ease of circulation, storage and payment. And these are the key characteristics of the currency.
JUST IN: 🇨🇳 #Bitcoin officially recognized as a unique digital currency in Shanghai People's Court, China.— Watcher.Guru (@WatcherGuru) September 25, 2023
Despite China's total ban on cryptocurrencies, Chinese courts are proving that Bitcoin is personal property. The Shanghai People's Court has become one of the few courts in China to recognize Bitcoin as a digital currency. Earlier this month, another People's Court released a report proving that Bitcoin is legal property, which means it is protected by law.
Yet regardless of this response among China's judicial system, Bitcoin still remains prohibited in the country. The Chinese government banned Bitcoin mining and all cryptocurrency activity in the country back in 2021. A recent report from the Shanghai People's Court clarifies that Bitcoin can be considered personal property acquired through purchase, mining, or inheritance when disputes over theft or ownership arise.